News &amp; Press

Ensuring fair consumer outcomes from insurer benefits and campaigns

The Financial Markets Authority (FMA) of New Zealand has published findings from its engagement with insurers regarding the management of customer interests during short-term sales campaigns and incentives. This initiative reinforces expectations under the CoFI regime, focusing on fair treatment of consumers and addressing potential conflicts of interest arising from incentives that drive business from third parties. Michael Hewes, Director of Deposit-taking Insurance and Advice, highlighted the importance of these insights for the industry.

Insurer benefits and campaigns insights

The FMA released insights regarding insurer benefits and campaigns, specifically focusing on non-monetary benefits and short-duration sales campaigns. The document outlines observations on how insurers are ensuring fair consumer treatment concerning these incentives. It also provides questions for insurers to consider in their practices.

‘5 mins with the FMA’ Podcast #21 Insurer benefits and campaigns insights

The FMA released the 21st episode of their podcast, '5 mins with the FMA', featuring Michael Hewes. In this episode, Hewes discusses the risks associated with non-monetary benefits and sales campaigns in the insurance sector. He also provides insights into what insurers should consider under the CoFI and Fair Conduct Programmes.

BNZ admits misleading conduct and pays $2.6 million

Bank of New Zealand (BNZ) admitted to misleading customers on how interest was calculated for some non-profit accounts, breaching fair dealing rules. As a result, BNZ will pay $2.6 million to the Crown and has already remediated over 23,000 affected customers, totaling approximately $5.44 million in underpaid interest and use of money interest. The issue, which occurred between December 2014 and February 2024, stemmed from a discrepancy between their terms and conditions and the actual method of interest calculation.

No action on climate reporting obligations for health and life insurers

The Financial Markets Authority (FMA) will adopt a ‘no action’ approach regarding climate reporting obligations for health and life insurers in New Zealand. This decision follows a government announcement to remove these insurers from the climate-related disclosures (CRD) regime. The FMA's interim relief aims to prevent unnecessary compliance costs for insurers awaiting legislative changes.

Media releases

This FMA webpage compiles recent media releases from the authority, covering various regulatory actions and updates in the financial sector. Key topics include climate reporting, market operator obligations, and consumer protection measures. The page also offers details for media inquiries and subscriptions to alerts.

NZX Review Report

The Financial Markets Authority (FMA) is mandated by the Financial Markets Conduct Act 2013 to review NZX's compliance with its licensed market operator obligations annually. A new report, the "NZX Obligations Review 2026," details findings for the period of January 1 to December 31, 2025. This review ensures appropriate management of potential conflicts between NZX's regulatory and commercial functions.

Match-Trade Technologies·2d ago

Website Privacy Policy

Match-Trade Technologies LLC has updated its website's Privacy Policy, effective January 10, 2024. This update reflects the company's commitment to compliance with GDPR, CCPA, and CPRA regulations regarding personal data processing. The policy outlines how Match-Trade Technologies handles data security, collection, and user privacy on its website, including the appointment of a Data Protection Officer.

How African fintechs can turn regulations into a moat and growth engine

This article discusses how African fintech companies can use regulations to their advantage, transforming compliance from a cost center into a strategic growth engine. It highlights the importance of navigating the complex regulatory landscape, learning from previous compliance failures, and implementing robust strategies to build a competitive moat. The piece suggests that early adopters of this approach are already seeing significant benefits by integrating regulation into their core infrastructure.

Kora·2d ago

**How African fintechs can turn regulations into a moat and growth engine**

Kora is officially ISO certified

Kora, a payment service provider, has achieved ISO 27001 and ISO 22301 certifications. These certifications demonstrate Kora's commitment to information security management and business continuity for its services. This milestone assures merchants of the company's dedication to robust data protection and uninterrupted service delivery.

Kora·2d ago

How to deal with regulatory risk in Africa: 3 compliance experts share insights

This article from Kora Blog provides insights from three compliance experts on how fintechs can navigate regulatory risks in Africa. It covers the fundamentals of compliance, major regulatory bodies in several African countries, common compliance mistakes, and cross-border compliance challenges. The piece emphasizes the importance of understanding and adhering to regulations in the African fintech landscape.

Kora·2d ago